Johnson Matthey results don’t convince markets

Shares in FTSE 100 chemicals manufacturer Johnson Matthey (LON:JMAT) fell by 4.24% to 2,442p (as of 12:15 GMT) as the company reported an 88% decline in pre-tax profits for the half year ended 30th September. Revenues climbed by 2% due to higher precious metal prices, but underlying sales were down by 20%.

CEO Robert MacLeod commented: “The COVID-19 pandemic has created great uncertainty for businesses and society globally. Our priority has been the safety of our people, customers, suppliers and the communities in which we operate. It has been a challenging period but the steps we have taken in recent years to create a more simple, agile and efficient business, coupled with the dedication of all my colleagues across the whole of Johnson Matthey, have enabled us to navigate it well. I am pleased that we delivered operating performance ahead of market expectations, as well as good cash generation, and made further progress on transforming the group“.